GBP/USD
The British pound finally showed its true intentions. Yesterday, Prime Minister Boris Johnson announced two main scenarios of Britain's likely relationship after Brexit, but investors rated them either as difficult to achieve (a large-scale treaty modeled on the Canada-EU framework), or as "not the best than before Brexit," a tortured version, the beginning of which was laid by Theresa May. The pound lost 209 points. What we have been talking about over the past few weeks and even months has come to pass - the pound will collapse, since any Brexit option will obviously be worse than the previous state of Great Britain in the EU bloc.
There is not much price left until the first bearish target of 1.2968 at the Fibonacci level of 161.8%. Consolidation below the level opens the second target of 1.2820 - the Fibonacci level of 138.2%. According to the Marlin oscillator, the price left from the back of its own wedge-shaped structure, confirming the falsity of the previous exit from the wedge up.
On a four-hour chart, the situation is completely in a downward trend - the price is under both indicator lines, Marlin is in the zone of negative values. The task for the price today is to gain a foothold under the level of 1.2968.
The material has been provided by InstaForex Company - www.instaforex.com